Experience with Chase bank for savings

AskAsk

Anyone got savings with chase and can comment on your experience with the bank?  I am thinking of opening a savings account with them.

Bigwheels1111

Bank Ok, 1% cashback is great.

Savings are being beat by Al Ryan 1.9% easy access.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Nebulous2

Lots of threads and other experiences with them already. The biggest advantage is the current account with 1% cashback on almost all your expenditure for a year. You need to open it anyway to get the savings account. 

The savings at 1.5% was a leading rate, but that is no longer the case. 

App based, you need an appropriate smartphone to use it. 

There have been some minor teething issues with the technology, which is to be expected when they have scaled up so dramatically. 

Overall it works for me, especially the cashback. 

MX5huggy

The easiest most straightforward painless account opening process. 

Never spoken to or had the need to speak to any staff. 

Don’t know if you can have the savings account without the current account (doesn’t really matter). But the current account is paying 1% cash back on most items (somethings are excluded, today I have the first thing that’s excluded in 3 months, motor repairs). 

Note I have a modern iPhone (old, (but that old) Android phones struggle). 

Not having a joint account option is a bit of a pain for us. 

SAC2334

I ve been with them for a few months now and found their App worked fine .I m not a big spender but I ve found the 1% cashback helps but I ve made more from their Round Up which comes under their Rewards heading . If you make a purchase of say £7.67 they will round up to £8 and in effect give you 0.33 p.. This is out performing the 1% cashback in my case . The cashback lasts 1 year but the Round Up can be dropped at any time 

Like many other ll be moving most of my savings from Chase to Zopa on their 31 day account which is paying 1.95% compared to Chase  1.5%.
I have given them a few weeks to raise their rates and it may be they re not that bothered about savings accounts and are more interested in Current account. 

Beddie

Good app, easy to use and a decent savings rate. However it's not the best rate, as others have raised theirs. Others have pointed out the better rates above.

george4064

Chase as a bank and as an app are fine, the savings rate is not the beat and easily beaten by various other easy access accounts.

The_Fat_Controller

Download the app and make sure your phone is compatible before doing anything else.

Even some of the latest phones are only running 32 bit Android which will not work.

The savings rate is no longer competitive and I, like quite a few others, had outgoing funds held for extra checks when moving money around.

The 1% cashback remains attractive, but as you probably know you only get that for a year.

Bobziz

SAC2334 said:

I ve been with them for a few months now and found their App worked fine .I m not a big spender but I ve found the 1% cashback helps but I ve made more from their Round Up which comes under their Rewards heading . If you make a purchase of say £7.67 they will round up to £8 and in effect give you 0.33 p.. This is out performing the 1% cashback in my case . The cashback lasts 1 year but the Round Up can be dropped at any time 

Like many other ll be moving most of my savings from Chase to Zopa on their 31 day account which is paying 1.95% compared to Chase  1.5%.
I have given them a few weeks to raise their rates and it may be they re not that bothered about savings accounts and are more interested in Current account. 

I don't think they give you 33p. They move 33p from your current account to your round up account where it earns 5% interest.

Daliah

They are nice for the debit card cashback, which lasts 1 year. That alone would be worth opening an account with them, unless you don't spend money on the non-excluded categories.

Their savings account has nice features other savings accounts don't have - you can set up SOs on them, and authorise companies to take DDs from it. It also has 24 x 7 faster payments. Sadly, their interest rate is no longer of interest, at least not to me, as I can get a lot higher AER elsewhere now. I have no longer had any money with Chase savings since June this year.

My cashback period is about to come to an end, which means I also won't be using my Chase current account any longer. If they continued it, I would continue using it - it's netted me over £150 more than I would have got with the other cashback cards I have.

masonic

SAC2334 said:

I ve been with them for a few months now and found their App worked fine .I m not a big spender but I ve found the 1% cashback helps but I ve made more from their Round Up which comes under their Rewards heading . If you make a purchase of say £7.67 they will round up to £8 and in effect give you 0.33 p.. This is out performing the 1% cashback in my case . The cashback lasts 1 year but the Round Up can be dropped at any time 

Like many other ll be moving most of my savings from Chase to Zopa on their 31 day account which is paying 1.95% compared to Chase  1.5%.
I have given them a few weeks to raise their rates and it may be they re not that bothered about savings accounts and are more interested in Current account. 

As Bobziz says, if you make a purchase of say £7.67 they will round up to £8, taking an extra 33p from you, and then give you the 33p back in the round up account, in effect giving you 0p. There's the 5% interest rate on the Round-up account, but as the balance is never going to get very high (mine is going to average about £35 over the 12 months, equivalent to about £1.75 interest over the year), the 1% cashback is far more lucrative for normal spending patterns.

Coming back to AskAsk's question, I was very happy with Chase's 1.5% saver until it got overtaken by other providers. I moved my money out of there once better options came along.